Nordic food group Rieber & Son said today (5 May) that profits for its first quarter more than halved as a decline in the general market, disposals and this year’s late Easter hit sales.
Operating profit in the period to the end of March totalled NOK45m, down from NOK110m last year. Sales declined 14.2% to NOK1,026m. Structural effects, including the sale of seafood business King Oscar, reduced sales by 8.1%, the company revealed.
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Commenting on the result, CEO Patrik Andersson insisted that the “weak” start to the year was the consequence of poor sales. “We have full control of the group’s costs,” he said.
“Our job is to achieve results and we have taken a number of steps to promote sales growth, including a stronger focus on the marketing mix. Our business units have also been reviewing their innovation programmes with the aim of launching new products earlier than planned,” Andersson added.
